Shipyards facing foreclosure from city - Jacksonville Business Journal:

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City officials made the decision afteer LLC representatives informed them that they woulc not be able to makea $3.1 million debt payment on the Shipyardsx project, which is a breecb of the developer’s contract with the according to mayor’s office spokeswoman Mistgy Skipper. The decision to take legal actiojn against LandMar signals the probable end of the glitzt Downtown project that has stirred controversy for most ofthis decade. City officials have been meetin on a weekly basis with representativesw of LandMar and its parent company sincer the developer notified the city that it woulcd not be able to paythe $485,000 bill for property taxeas on the Shipyards due March 31.
Sincse then, the city and the developerf havebeen negotiating, Skipper said, but there has not been a The city can initiate foreclosure because it is the primary mortgage holder on the property. In a memo to the , JEDC Executivr Director Ron Barton outlinedxthe following: •The developer has until May 21 to make the debt paymentr before the developer goes into defauly and will be given 10 business days make the debt shortfallo payment. •The city will begin monitoring the net worth requirements forboth LandMar, which must maintain a net wortyh of at least $20 million during the agreement and its parentt company , which must maintain a net worth of at least $500.
Barton notexd that in the last two quartersCrescentf Resource’s unaudited net worth has fallen belowq the $500 million requirement. •If on June 29 Crescent Resource’z net worth is below LandMar will be required to provide the city an additional letter of credit foraboutr $18 million to cover the remaining costz associated with the public If LandMar does not provide the additional letteer of credit the city will send a defaulg notice, and if it is still not will again take legal action.
“Ths JEDC, along with the and the Council continue to meet withthe developer’s representativesx on a weekly basis and will continue to exploree solutions and options that address the obligations of the agreementr while recognizing the unprecedented economixc times and financial strain experienced by the real estat development industry,” Barton said in the memo sent May 13. For more on this read the May 15 edition of The JacksonvilleBusiness